12 October 2016
Reporter: Stephanie Palmer

Accuity and Kyriba pair up on payments screening

Data and software provider Accuity has partnered up with Kyriba, a provider of cloud-based treasury, payment and risk management solutions to develop a global payments sanctions screening service.

The service will flag any potential issues with payments to vendors, in a bid to limit delays, and to detect any potentially risky payments as early as possible.

It will combine Kyriba’s payment factory and centralisation and screening technologies with Accuity’s data solutions, and will be available to all Kyriba clients.

By blocking more payments to sanctioned entities, the solution is intended to help firms reduce fines for failures to block these payments.

Jacques Molgo, director of group financing and treasury at Air Liquide, an early adopter of the service, said: “Digitisation has allowed us to free up time to improve the security of our processes, meet the new regulatory requirements, and enhance investments in areas such as anti-money laundering, counter-terrorism financing, and compliance with international sanctions.”

Jean-Luc Robert, CEO and chairman at Kyriba, said: “In today's multinational payments environment, it is critical to be empowered by technology so that organisations can avoid sanctions, and remain compliant.”

“Kyriba's alliance with Accuity gives our clients the ability to proactively pre-screen payments, and enables our clients to avoid or better prepare for deceleration in their payments workflows, and protects the financial health of their global ecosystem."

Florence Vicentini, global head of channel sales and strategic partnerships at Accuity, added: “We are proud to be working with Kyriba to offer our leading Fircosoft transaction screening capabilities to help provide increased cost savings and support for better regulatory compliance. This will ensure that corporates have a better handle on their current vendor relationships and increase efficiency across the company.”

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
ECB to launch new faster payments system
22 June 2017 | Frankfurt | Reporter: Stephanie Palmer
The European Central Bank (ECB) is expanding its TARGET 2 instant payments system to facilitate retail payments throughout Europe
New liquidity management solutions set to manage cross-border payments
15 June 2017 | New York | Reporter: Stephanie Palmer
J.P. Morgan has launched two new liquidity management solutions for cross-border payments
SIA to provide Icelandic payments update
13 April 2017 | Reykjavík | Reporter: Stephanie Palmer
The Central Bank of Iceland has selected technology infrastructure provider SIA to implement and support its new real-time gross settlement system and instant payment platform
PayCommerce hails successful instant payments test
31 January 2017 | Edison, New Jersey | Reporter: Stephanie Palmer
Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology...
EBA and SIA launch instant payments testing
19 January 2017 | Milan | Reporter: Stephanie Palmer
Testing has gone live for EBA Clearing’s pan-European instant payment infrastructure, before its scheduled go-live date in November...
SWIFT tests blockchain for cross-border payments
12 January 2017 | La Hulpe | Reporter: Mark Dugdale
SWIFT is exploring whether banks can use distributed ledger technology to improve the reconciliation of their nostro databases in real time to optimise their liquidity globally...
More payments news